Financial Analyst and Economist Dr. Daniel Anim has raised critical concerns regarding the logistics emphasizing the importance of a robust security framework as a prerequisite for the successful rollout of the National Democratic Congress’s (NDC) 24-hour economy unveiled by former President John Mahama.
The 24-hour economy is an initiative promised by the NDC aims to introduce targeted policies across various sectors to establish a three-shift system to enhance economic output, stimulate growth, and revitalise the economy.
In an exclusive interview with UniversBusiness, Dr. Daniel Anim, discussed the feasibility and potential implementation of this ambitious plan, stressing the need for a strong security framework.
“To effectively implement the 24 hour economy, security is very key and vital. This calls for investment into the Ghana Police Service, not just about the recruitment of personnel, but in terms of logistics as well. Looking into the security status of the country, the very moment people are going to work in the evening, you should expect the thieves and robbers to also deploy their strategies to take advantage of the situation. Hence, it is important to ensure that people who may work especially during the night are protected. It is expedient they get a certain level of safety and protection to thrive.”
Furthermore, he also noted that some private sector entities are already adapting to this model, suggesting that the NDC would need to collaborate with these organizations to strengthen existing infrastructures.
“It is a policy that cannot be rolled on wholesale. For instance, if you look at the strategic sectors to start with, companies such as VALCO, ALU-X among others in Tema, used to run shifts in the evening and some of them still do. With this, we can identify strategic sectors and institutions that already have a certain element of the 24-hour economy and take advantage by intensifying that policy with existing strategies to expand on a full capacity level. Once others realize that, these people are benefiting from this policy and the policy is productive, they will align.”
He also admonished the NDC government not to solely base the implementation on political ambitions and propaganda but instead have the development of the economy in mind.
“Rather than rolling it at the wholesale national agenda, it should be strategically implemented to benefit Ghanaians economically. If that isn’t the case but mere agenda, they may face some difficulties in terms of implementation.”
He also highlighted that its practical application may be limited primarily to the manufacturing sector.
“More often than not, 24-hour economy operate in the manufacturing sector. Since, there are irrigation methods mechanisms, enough people people can be employed in extracting the raw products, processing them, exporting and distributing them for consumption. And that’s the reason if we use the manufacturing sector as a vehicle to propel economic growth, the 24-hour economy will be productive.”
Additionally, he explained why this venture won’t be plausible in other sectors and touched on some benefits this policy could have on small and medium-sized enterprises
“It doesn’t make any good economic sense to run a 24-hour economy with a civil service. Whatever they need to do can be done during their normal working hours. If the SMEs are able to create a demand and produce to meet it, they may be far be a profitability. And they will be able to expand production, employ more people and then government will also be able to generate revenue in the form of taxation. In turn, this may be the overall contribution to the Gross Domestic Product of the country, if it is well implemented.”
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Story By; Fauzia Salim | univers.ug.edu.gh
